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Can my beneficiary be a foreigner or live in a foreign country?

Your beneficiary doesn’t have to be a South African citizen but they must have a South African bank account. If your beneficiary is a foreigner but has a bank account in South Africa that we can transfer the payout to, there’s no issue.

If your beneficiary lives overseas, it can get tricky.

In some cases we would be able to transfer the payout overseas, but it depends who they bank with, and in which country.

In other cases, we might require them to open an account in South Africa to receive the money. They would probably need to apply in person and would need several forms of identification, like:

  • proof of address

  • Taxpayer Identification Number (TIN)

  • birth certificate

  • valid passport

and other FICA requirements, depending on the bank and bank account type.

If you are the beneficiary of a Sanlam Indie policy living overseas and you need to submit a claim, please get in touch to discuss it.

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Copyright © Sanlam Indie 2022. All Rights Reserved. Sanlam Indie's product offering is underwritten by Sanlam Life Insurance Limited, a licensed life insurer & financial services provider. Sanlam Indie is a division of Sanlam Life Insurance Limited - Reg No. 1998/021121/06. Sanlam Life Insurance Limited is an authorised FSP (No. 2759). Address: 1st Floor Glacier Place, 1 Sportica Crescent, Tygervalley, Cape Town, 7530

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